Dogecoin corrected some gains and traded below $0.0950 against the US Dollar. DOGE is now holding the $0.0915 support and might aim for a fresh increase.
- DOGE price started a fresh downside correction below $0.0950.
- The price is trading above the $0.0920 level and the 100-hourly simple moving average.
- There is a declining channel forming with support at $0.0912 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could aim for a fresh increase if it remains stable above $0.0910.
Dogecoin Price Trims Gains
Dogecoin price started a downside correction after it failed to stay above $0.0980, like Bitcoin and Ethereum. DOGE declined below the $0.0965 and $0.0950 levels.
There was a move below the 50% Fib retracement level of the upward move from the $0.0859 swing low to the $0.1004 high. The price even spiked below $0.0950 before the bulls appeared. The price is now forming a base above $0.0920 and preparing for the next move.
There is a declining channel forming with support at $0.0912 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.0920 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0940 level.
The first major resistance for the bulls could be near the $0.0955 level. The next major resistance is near the $0.0980 level. A close above the $0.0980 resistance might send the price toward $0.10. Any more gains might send the price toward $0.1050. The next major stop for the bulls might be $0.1120.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.0950 level, it could continue to move down. Initial support on the downside is near the $0.0915 level.
The next major support is near the $0.090 level or the 76.4% Fib retracement level of the upward move from the $0.0859 swing low to the $0.1004 high. The main support sits at $0.0860. If there is a downside break below the $0.0860 support, the price could decline further. In the stated case, the price might slide toward the $0.0825 level.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.0920 and $0.0880.
Major Resistance Levels – $0.0950 and $0.0980.
